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Friday, 26 September 2014

New Gurgaon: Uncertain future

As the city
of Gurgaon grew and expanded its boundaries, newer areas needed to be brought
under the development umbrella. The new upcoming sectors in Gurgaon encompass
the region surrounding the under-construction Dwarka-Gurgaon Expressway (also
called the Northern Peripheral Road). Most of these sectors are approved for
group housing projects, with a handful of commercial projects also approved for
development.

The Next
Development Hub

The two main
clusters are along the upcoming Dwarka-Gurgaon Expressway in New Gurgaon's
Sectors 102 to 113 and Sectors 76 to 95 along the NH-8 connecting Gurgaon to
Manesar. Both these clusters were predominantly marketed as affordable and
mid-income housing catchments.

A host of
projects were launched in these locations over 2009 and 2010. The peak of these
areas' popularity was in mid-2010; however, as with most developments, a
generic price rise of between 15-20 per cent dampened demand with price-sensitive
buyers.

Although
still favoured by budget home seekers, these areas have also seen recent
launches in the premium segment by bigger developers like Sobha, ATS and Puri
Constructions.

This
phenomenon has attracted high net-worth buyers and investors who are looking
for capital appreciation opportunities. In comparison to projects in the Dwarka
- Gurgaon Expressway precinct, the developments along the NH-8 — spanning
sectors 76 to 95 — are selling at lower price points.

Connectivity
to these areas is expected to improve further with the development of the
Northern Peripheral Road and the arterial sector roads.

Sector-114,
which lies near the upcoming Dwarka Expressway, is designated for commercial
use. Due to its proximity to Delhi and the airport, commercial development here
is expected to witness good demand levels. However, the demand for commercial
office space would depend on the completion of the Dwarka Expressway, the
internal sector roads and other infrastructure improvements. Currently,
connectivity is through a 24-metre sector road.